The Day – Mohegan Gaming finalizes funding for a project in South Korea
Mohegan – Mohegan Gaming & Entertainment announced on Monday the completion of funding for the $ 1.55 billion first phase of Inspire, the integrated casino complex it is developing on Yeongjong Island in Incheon, Korea. South.
MGE, the Uncasville-based company that owns Mohegan Tribe’s gaming businesses, including Mohegan Sun, said Inspire is expected to open to international travelers in 2023.
The first phase of Inspire will include three hotel towers, a 15,000-seat arena, a foreigners-only casino, a convention center, retail offerings, a year-round indoor water dome and an outdoor thematic space nicknamed “Family Park”.
“We have a proven track record of developing and operating leading integrated resorts in North America with our successes in Connecticut, Las Vegas and Niagara Falls, and we look forward to taking that success overseas. as the first US IR launched in Korea, ”James Gessner Jr., chairman of MGE’s tribe and board of directors, said in a statement.
Inspire Integrated Resort Co. Ltd., MGE’s wholly-owned Korean subsidiary, now has the funding to complete construction of the project.
MGE has committed $ 575 million, combining its own investment of $ 300 million and $ 275 million raised through global private equity firms Bain Capital and MBK Partners. In addition, a consortium of three Korean banks and other financial institutions provides a loan of approximately $ 890 million, and the general contractor, Hanwha Engineering & Construction Corp. provided a completion guarantee as well as a subordinate investment of approximately $ 85.5 million.
“We anticipate a significant rebound in the tourism and leisure industry following the pandemic, and we look forward to contributing to the Korean economy while successfully opening and operating a state-of-the-art hotel complex. ”, Bobby Soper, said the international president of MGE.